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Support for re-delegation / retirement #20

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kent opened this issue Apr 25, 2024 · 0 comments
Open

Support for re-delegation / retirement #20

kent opened this issue Apr 25, 2024 · 0 comments
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enhancement New feature or request

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@kent
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kent commented Apr 25, 2024

Jobs to be done

Re-delegation is important because it allows for token holders to opt-out of governance and then pass on their voting power to someone else.

A delegates to B
C delegates to B
D delegates to B
E delegates to B

B does a bunch of votes and is super active in governance.
Time goes on, and B decides to retire.
B now has a lot of voting power, and is starting to feel the pressure and wants to retire to her island and opt-out of governance.

B has a lot of voting power though, so he decides to move it to
B partially delegates 25% to Y
B partially delegates 50% to X
B partially delegates 25% to Z

Now, A, C, D, and E's voting power which lived with B for years goes to Y, X and Z.

Y, X, and Z enjoy a long career voting and then one day it's time for them to retire.

Y partially delegates 100% to AA
X partially delegates 50% to BB
X partially delegates 50% to CC
Z partially delegates 75% to EE
Z partially delegates 25% to FF

To be clear, this is what Alligator does now, the problem is that Alligator creates a new partially delegated system and attaches to an existing ERC20 system.

So we end up with having to keep track of two ledgers and combine their voting power.

Our mission is to implement this cascading tree of re-delegation, in a partially delegated world such that each delegate can retire and transfer their voting power to the next person in line.

@kent kent added the enhancement New feature or request label Apr 25, 2024
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